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2012 (10) TMI 147 - HC - Income TaxDepreciation on goodwill - whether depreciation is not allowable u/s 32(1)(ii) on various "intangible assets" classified as "goodwill" on consolidated basis - Held that:- As decided recently in CIT vs. Smifs Securities Limited [2012 (8) TMI 713 - SUPREME COURT] goodwill would fall under the expression "any other business or commercial rights of similar nature" in section 32(1) Explanation 3 (b). As the Tribunal in AY 2003-2004 in assessee's own case admitted the additional evidence which threw light on the valuation of each of the intangible assets and remit the matter back to the file of the AO for fresh adjudication this could possibly lead to contradictory assessments for the different assessment years as the Tribunal refused to follow the earlier order of the Tribunal dated 28.5.2009. It is necessary to ensure consistency in respect of the same question for the different assessment orders. Thus it would be better to follow the same course that has been adopted in respect of the AY 2003-2004.
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